Dubai Bank depositors to start receiving refunds

Dubai Bank depositors will start receiving their refunds this month, two years after the institution was placed in receivership.

The Kenya Deposit Insurance Corporation (KDIC) yesterday said it would start paying the bank’s depositors and creditors part of the money owed to them.

KDIC has started liquidating the lender’s assets.

In a notice yesterday, Dubai Bank’s liquidation agent said it would commence the payments later this month, valid for one year.

“Notice is hereby given that KDIC...will commence the first liquidation dividend payment from July 18, 2017 to all eligible depositors and creditors of Dubai Bank Kenya who have proved their claims,” said the notice in the local dailies.

Liquidation agent

“All payments will be made through electronic fund transfer to those accounts whose details have been provided. The claimants who have not provided their current bank account details should furnish the liquidation agent with the same.”

The Central Bank of Kenya appointed KDIC as the bank’s receiver manager in August 2015 to safeguard the interests of depositors, creditors, and the public. [Macharia Kamau]